Obama returns to his tax-the-wealthy plan...Obama to Put Taxes on Table in Spending PlanApril 11, 2011 | President Barack Obama will lay out his plan for reducing the nation's deficit Wednesday, belatedly entering a fight over the nation's long-term financial future. But in addition to suggesting cutsthe current focus of debatethe White House looks set to aim its firepower on a more divisive topic: taxes.

In a speech Wednesday, Mr. Obama will propose cuts to entitlement programs, including Medicare and Medicaid, and changes to Social Security, a discussion he has largely left to Democrats and Republicans in Congress. He also will call for tax increases for people making over $250,000 a year, a proposal contained in his 2012 budget, and changing parts of the tax code he thinks benefit the wealthy. "Every corner of the federal government has to be looked at here," David Plouffe, a senior White House adviser, said Sunday in one of multiple television appearances. "Revenues are going to have to be part of this," he said, referring to tax increases.

Until now, Mr. Obama has been largely absent from the raging debate over the long-term deficit. The White House has done little with the recommendations of its own bipartisan deficit commission. And Mr. Obama's 2012 budget didn't offer many new ideas for tackling entitlement spending, among the biggest long-term drains on the federal budget. The president stayed out of the long-term deficit debate in an apparent effort to see whether Republicans would move first in offering long-term deficit-reduction ideassomething House Budget Committee Chairman Paul Ryan did with an ambitious plan last week to trim spending now and in the future.

The White House move caught Democrats in Congress off guard, according to aides, and details of the president's proposals were sketchy. Mr. Plouffe said the president will name a dollar amount for deficit reduction, although the White House wouldn't provide specifics. Introducing taxes into the discussion has the potential to complicate the resolution of coming budget fights, specifically the need to raise the debt ceiling, a move needed to prevent the U.S. defaulting on its debt.

Granny says, "Dat's right tax all their money - den dey can learn to live like the rest of us po' folks...100 Percent Tax on Those Earning $500K or More Leaves U.S. With $839B DeficitMonday, April 18, 2011 - When he presented his plan for dealing with the national debt last week, President Barack Obama suggested a number of ways he would like to increase taxes on people he referred to as millionaires and billionaires.

However, recently released statistics from the Internal Revenue Service indicate that taxing away 100 percent of the income of every American who earned $500,000 or more in 2009 would still have left the United States with a massive annual deficit.

In fact, in tax year 2009 (the last year for which IRS has published statistics), the combined gross income of all Americans earning $500,000 per year or more was about $1.03 trillion ($1,029,256,075,000.00) of which these Americans paid $256.7 billion ($256,699,499,000.00) in federal income taxes.

That left this group of Americans about $773 billion ($772,556,576,000.00) in income that the federal government had not taken away in income taxes. Also during tax year 2009, according to the Bureau of the Public Debt, the national debt increased by $1.61 trillion ($1,611,544,812,899.90).

butcha know, the whole tax code thing is easily confused , every political stripe cherrypicks something condusive to their stance, it's the biggest cloak going for the outrageous disparity the elites created in America

Plutocracies only gain legs on such tactics, and the tools who buy into it

Most firms pay no income taxes - Congress
Study finds that the majority of domestic and foreign corporations in the United States avoid paying federal income taxes.

NEW YORK (CNNMoney.com) -- Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday.

The Government Accountability Office (GAO) examined samples of corporate tax returns filed between 1998 and 2005. In that time period, an annual average of 1.3 million U.S. companies and 39,000 foreign companies doing business in the United States paid no income taxes - despite having a combined $2.5 trillion in revenue.

The study showed that 28% of foreign companies and 25% of U.S. corporations with more than $250 million in assets or $50 million in sales paid no federal income taxes in 2005. Those companies totaled a combined $372 billion in sales for the largest foreign companies and $1.1 trillion in revenue for the biggest U.S. companies.

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